The UK advice sector risks a further decline in adviser numbers driving consumer detriment unless it finds new ways to make financial support more scalable and accessible, EV managing director Chet Velani has said.
Speaking exclusively to Professional Adviser, Velani said the cost of delivering advice remains the biggest barrier to reaching a broader base of consumers, with many advisers forced to charge more than they would like simply to cover operational overheads. "Advisers don't charge a lot of money because they want to, it's because they have to," he said. "There is a risk that the number of advisers could drop. As advisers start to fall away, the cost of advice goes up, and fewer people can afford to access it." He noted that the UK advice sector has already seen a steep drop in adviser ...
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